2014 PARTNERSHIP RETURN OF INCOME CHECKLIST MINI (FORM 1065)

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1 Client name and number Prepared by Date Reviewed by Date GENERAL INFORMATION DONE N/A 1) Consider if conflict(s) of interest exist between the entity and its owners. 2) Consider obtaining signed engagement letter/privilege engagement letter, power of attorney in addition to Third Party Designee check box option. 3) Review prior year returns, workpapers, correspondence, audit results, and amendments to the partnership agreement. 4) Review and update the partnership s and partners information including names, address, fiscal year, and business code. 5) Review proforma/organizer for accuracy. 6) Review and update carryforward schedules, including effect of prior year audits. 7) Review methods of accounting (Rev. Proc , as modified by Rev. Procs and ). 8) Determine whether taxpayer has a written accounting policy with respect to the new repair versus capitalization regulations (T.D. 9636). 9) Consider filing Form 3115 for change in accounting method to apply new repair vs. capitalization regulations (T.D. 9636). One copy to IRS-Ogden and attach second copy to tax return. 10) Consider below-market-rate loan rules. 1

2 GENERAL INFORMATION DONE N/A 11) Review financial statements and footnotes for relevant information. 12) Determine state and local filing requirements and necessary partner information. 13) Consider federal and state e-filing requirements. 14) Consider if disaster relief provisions apply. 15) Consider if Form(s) 5471, 8621, 8858, 8865, 8886, and/or 8938 are required. 16) Determine if the partnership is a limited partnership. 17) Determine if the entity is a Limited Liability Company (See LLE Checklist). 18) Determine if the partnership agreement complies with the 704(b) regulations. 19) Determine if there has been a technical termination of the partnership. 20) Determine if the partnership is on the required year end. 21) Determine if the partnership is an electing large partnership. 22) Determine if there were partnership ownership changes. Consider 754 election. Consider Form ) Determine if 704(c) regulations have been applied to contributions by a partner. 2

3 INCOME DONE N/A 1) Compare sources of portfolio income with prior year. 2) Segregate qualified dividends. 3) Include only trade or business income on page 1, Form ) Calculate gains, losses and recaptures on dispositions of property. 5) Consider: Advance payments Deferred income/expenses Disaster relief provisions Discharge of indebtedness Economic accrual of rent Installment sales and related interest charge on deferred tax Involuntary conversions in qualified disaster areas, including livestock ( 1033(e) and (f) and Notices and ) Lease inclusion for luxury autos Like-kind exchanges Ordinary income on market discount bonds and deferral of related interest expense Passive activities (See Passive Activity Checklist) Review pro forma/organizer for accuracy Sales or exchanges with a partner or other related parties Timing differences Wash sales Worthless securities 3

4 DEDUCTIONS DONE N/A 1) Consider the uniform capitalization rules. 2) For charitable contributions consider: If Form 8283 is required for non-cash charitable contributions. If adequate contemporaneous documentation was obtained for charitable contributions (Note receipts required for all cash donations). Basis adjustment rules for donations of appreciated property. Limits on donations of property disposed of within three years. 3) Determine if there were guaranteed payments to partners. 4) Determine that fringe benefits (including Health Savings Accounts) for partners are properly included in guaranteed payments. 5) Determine applicability of two and one half month deferred comp. rule for nonpartner employees and independent contractors. 6) Determine deductibility of vacation pay accrual. 7) Inquire if travel and entertainment expenses are substantiated by adequate records (See Vehicle Related Guides). 8) Consider limitations on deductibility of: Bad debts Casualty losses Club dues Lobbying expenses/association dues Materials and supplies (T.D. 9636) 4

5 DEDUCTIONS DONE N/A Organization expenses Repairs and maintenance (T.D. 9636) Split-dollar insurance Start-up expenditures State taxes 9) Allocate interest expense among expenditures and/or distributions. 10) Consider limitation on personal use of business aircraft for entertainment purposes by officers, directors, and > 10% owners. 11) Review amount and timeliness of retirement plan contributions. 12) Determine if specific charge-off method is used for bad debts. 13) Consider the deduction for domestic production activities (Form 8903). 14) Properly report expenses allocable to portfolio income on Schedules K and K-1 and not deducted on page 1, Form ) Determine if 409A deferred compensation rules apply to compensation arrangements. 16) Consider basis limitations. 5

6 DEPRECIATION/AMORTIZATION DONE N/A 1) Consider the following: 179 election 179D election, if extended Methods and lives Cost segregation study Listed property Amortizable items, including goodwill, are written off over the correct periods Additional first-year depreciation, if extended Capitalization of leased property Like-kind exchange and involuntary conversion property rules 2) Consider amending returns to elect and/or revoke 179 election. 3) Compute alternative minimum tax (AMT) and adjusted current earnings (ACE) depreciation. 4) Compute state depreciation if different. PARTNER DATA SCHEDULE K-1 DONE N/A 1) Verify correctness of partner name, address and identification number. 2) Complete the analysis of distributive items at the bottom of Schedule K. 3) Consider the at-risk rules. 6

7 PARTNER DATA SCHEDULE K-1 DONE N/A 4) Report pre-1987 installment sale as passive (See Passive Activity Checklist). 5) Reconcile partners capital per Schedule L to Schedule M-2. 6) Complete each partner s reconciliation of capital. 7) Allocate partner debt pursuant to ) Consider separate reporting of passive activities and disclosure statement for grouping of activities on K-1 Schedules (See Passive Activity Checklist). 9) Consider reporting requirements for property contributions made during the year. 10) Allocate each item on Schedule K to the partners per the partnership agreement and 704(b). 11) Determine whether the partners distributive shares of partnership items take into account the partners varying interests in the partnership during the year as required under 706 (See prop. regs., REG [April 14, 2009], IRB , pg. 906). 12) Allocate losses to deceased partners pursuant to ) Provide information for all items that affect partner s tax liability. Note: Reporting requirements for dividends Rules for charitable donations of patents and other intellectual property Rules for deductibility of motor vehicles Reporting UBTI data for tax-exempt partners List of codes included with the current year Schedule K-1 for potential additional items 7

8 OTHER REQUIREMENTS DONE N/A 1) Consider tax credits. See Section 500 of Long Form checklist for more details. 2) Compute net earnings from self-employment. 3) Consider economic performance rules and recurring item exception. 4) Consider elections and statements such as: Amortize and/or expense organization costs (T.D. 9542) Cash vs. accrual accounting method Expense intangible drilling costs, mining development costs and circulation costs Expense/amortize business startup costs (T.D. 9542) Expense materials and supplies under safe harbor rule (T.D. 9636) Expense repairs and maintenance under safe harbor rule (T.D. 9636) Exception from economic performance for recurring items and three and one half month rule Method for valuation of inventory Research and experimental costs Ratable accrual of real property taxes (first year only) Step-up in basis and mandatory basis adjustments Treatment as a large partnership 5) Change in accounting method application/approval. See Form 3115 or Form 1128 instructions and note requirement to file copies with IRS Offices as well as with tax return. 8

9 OTHER REQUIREMENTS DONE N/A 6) Determine if requirements for avoiding penalties for improper disclosure or use of taxpayer information by tax return preparers imposed under 6713 and 7216 have been met. Note state requirements may differ. 7) Determine if the partnership was a party to applicable asset acquisition (Form 8594). 8) Consider 6698 penalty for failure to file timely the partnership return or failure to contain information required under ) Inquire if all information returns have been filed. 10) Consider accuracy-related penalty ( 6662). 11) Determine if there was any 751 gain (unrealized receivables) to existing partners due to admission of new partners. 12) Consider approaches to determining 751(b) gains or losses recognized by partners on certain current and liquidating partnership distributions (Notice ). 13) Inquire if foreign financial accounts exist. Note e-filing requirements and June 30 filing deadline for FinCEN Form 114 and increased IRS scrutiny in this area. 14) Determine whether the partnership has any reportable transactions that should be disclosed on Form ) Compare taxable income to projections for reasonableness. 16) Consider whether Schedule M-3 and Form 8916-A are required. 17) Attach extension requests. 18) If the partnership purchased life insurance on employees after Aug. 17, 2006, consider whether the partnership satisfied the notification and annual information reporting requirements (Form 8925) ( 101(j) and 6039I). 9

10 OTHER REQUIREMENTS DONE N/A 19) Consider disclosure requirements for written tax advice under Circular 230 (T.D. 9668). 20) Note tax planning/additional service suggestions. 21) Consider preparer penalties. Consider filing Form 8275 or 8275R to avoid penalties for non-shelter and non-reportable transactions. S Copyright 2014 American Institute of CPAs. All rights reserved

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